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[Section 3]
[Entire Act]
State of Madhya Pradesh - Subsection
Section 3(3) in The M.P. Vritti Kar Adhiniyam, 1995
| (3) [ Notwithstanding anything contained in sub section (2), any person falling in any of the classes specified in column (2) against serial number 3 to 10 of the Schedule shall have the right to opt, in the prescribed manner, to pay tax on the annual income as specified in column (2) against serial number 2 in lieu of the tax payable by him, and on exercising the option such person shall be liable to pay tax at the rate specified in column (3) against the category specified in column (2) against serial number 2 applicable to him.(4) Every person who opts under sub-section (3) for payment of tax under entry at serial number 2 of the Schedule shall, subject to the provisions of this Act, pay for each financial year a tax at the rate specified in serial number 2 of the Schedule if his income during the previous year exceeds fifty thousand rupees.] [Substituted by M.P. Act No. 12 of 2004.] |